Rodamco Europe results first three months 2004

Rodamco Europe achieved good financial results in the first three months of 2004. Rodamco Europe reported a 4.9% year-on-year (YoY) rise in direct results to €78.7 million (which includes 100% management costs but excludes revaluation result after tax) while the net profit based on the new Dutch accounting principles (including the revaluation result after tax) decreased with 10.3% to €77.1 million compared to €86.0 million in the first quarter of 2003. The rise in direct result after tax was largely brought about by a 7.5% YoY rise in net rental income.

Net Asset Value per share (before final dividend 2003) amounted to €49.07, while the direct result per share increased to €0.88 for the first three months of 2004, which compares to €0.84 in the same period last year.

In the 1st quarter of 2004, Rodamco Europe divested offices and industrials for an amount of €63 million and invested in retail for an amount of €11 million, further strengthening Rodamco Europe’s high quality retail portfolio.

CEO Maarten Hulshoff: “In the 1st quarter of 2004 Rodamco Europe has continued to
realise growth in rental income and direct result, mainly as a result of acquisitions made in 2003, whilst the value of our portfolio in Q1 2004 remained stable. Rodamco Europe’s retail properties now stand at 85% of its total €7.1 billion property portfolio. Our strategy of focusing on top quality retail in dominant locations in our key markets has generated stable cash flows and is thus paying off.”

Outlook
The management board maintains its forecast for 2004 of around 5% growth in net
result based on 2003 accounting principles. The outlook is based on the current
property portfolio and disregards the potential effects of acquisitions and divestments,
the potential effects of significant changes in exchange and interest rates and the
economic situation.